Commodity Outlook for Copper by KediaCommodity

Commodity Outlook for Copper by KediaCommodityCopper fell on concerns about potential slowing of demand from China, the world's largest consuming nation for the metal. Copper continues to be bogged down by worries about China trying to cool its economy and housing market. Inventories of copper stored in London Metal Exchange warehouses fell 350 metric tons Wednesday, leaving them at 475,225 tons. Copper has touched a low of Rs 310.2 a kg after opening at Rs
319.35, and last traded at Rs314.6.

For today market is looking for the support at 310.1, a break below could see a test of 305.6 and where as resistance is now likely to be seen at 319.2, a move above could see prices testing 323.9. Trading Ideas: Copper trading range is 305.6-323.9. Copper fell on concerns about potential slowing of demand from China Copper looks to take support at 312.20 and resistance at 316.80 Copper daily stock at Shanghai exchange came down by -2379 tonnes. SELL COPPER JUNE @ 316 SL 318.20 TGT 313.60-312.MCX